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LEASE AGREEMENT <br /> <br /> This agreement is made and entered into by and between Red <br />River Valley Fair Association, Inc., a non-profit organization, <br />hereinafter referred to as Lessor, and Post 3990 Veterans Foreign <br />Wars, a Texas Corporation, a non-profit organization, hereinafter <br />referred to as Lessee. -- <br /> <br /> For and in consideration of the mutual promises herein <br />expressed the Lessor and Lessee do hereby agree to the following: <br /> <br /> WITNESSETH: <br /> <br />I. PURPOSE OF LEASE: <br /> The Lessee wishes to lease from the Lessor certain space to <br />conduct bingo operations licensed by the State of Texas only. <br /> <br />II. PREMISES: <br /> Lessor agrees to lease and the Lessee agrees to lease from the <br />Lessor the following described property, all the floor area in Big <br />Time Bingo Building on the property, located at 1875 Fitzhugh <br />Street, Paris, Lamar County, Texas for the bingo occasions per week <br />as designated on the Lessee's Texas Bingo license. <br /> <br />III. DUTIES OF LESSOR: <br /> Lessor shall provide parking facilities, equipment and <br />utilities. <br /> <br /> IV. TERM: <br /> The term of this lease shall be for a period from the 15th day <br />of May 2003 to the 15th day of May, 2004. <br /> <br /> V. CONSIDERATION: <br /> The Lessee shall pay the Lessor the amount of $250.00 <br /> per whole session (Bingo occasion). The consideration for the <br /> lease of this building shall be due and payable monthly. The first <br /> payment will be due and payable monthly after the execution of this <br /> lease, with rent payments being due and payable monthly each and <br /> every month thereafter, during the term of this lease. Total rental <br /> for any month may not in any case exceed $600.00 per bingo occasion <br /> actually conducted by lessee during that month. <br /> <br /> Lessee shall make payment to the Lessor at: <br /> <br /> Red River Valley Fair Association, Inc. <br /> 570 East Center Street <br /> Paris, Texas 75460 <br /> <br /> VI, REPRESENTATIONS OF LESSEE; <br /> The Lessor agrees and acknowledges that Lessee is a non-profit <br /> organization as that term is defined under the governing of the <br /> bingo statutes in the State of Texas and that the Lessee holds a <br /> valid license to conduct bingo within the State of Texas issued by <br /> <br /> EXHIBIT <br /> <br /> <br />